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Is Franchising For Me?

If you've ever thought about buying a franchise, you've probably
already spent some time confronting the most crucial question of
all - is franchising right for me? How do I know if I'm suited to
be a franchise owner?

Before buying a franchise, it's pivotal to consider whether or
not owning and operating a franchise is something that you really
want to do. As with any type of entrepreneurship, franchise
ownership involves a particular set of skills, as well as a high
level of dedication toward making your business successful. Sure,
the profits can be immense if you succeed, but you have to succeed
first and it's hard to get there if you're not committed to owning
your own business.

Tens of thousands of people a year are finding successful and
rewarding careers as franchisees. Here are a few advantages that
franchise ownership has to offer:

When you buy a franchise, you've bought an already
established brand with a proven track record.

Franchise ownership always includes expert, comprehensive
training that it would otherwise take years to acquire.

Franchises offer not only training, but also support and
valuable marketing tools to help you become successful and
profitable as quickly as possible.

By owning a franchise, you'll already be years ahead when it
comes to startup and business development and networking. That's
because a franchise company will have a successful business model
already put into place, with a set of standard procedures and
templates for you to use.

If you open a small business on your own, here are some of the
things you have to tackle:

Creating a business plan

Financing

Marketing

Site location and lease negotiation

Hiring employees and establishing HR procedures

Creating signage

Cataloging inventory

Installing software and phone systems

Each one of these factors is pivotal to the successful operation
of your business. Unfortunately, these factors are time consuming
and often difficult to put in place. The good news is, when you buy
into a franchise, these things are already taken care of for you.
Franchise companies want to ensure that you're successful. That's
why they've established proven business models that cover every
type of operational procedure, from lease negotiations and
renovations, store promotion and employee hiring to quality control
and software systems. You'll have existing inventory and accounting
systems to work with, in addition to operational procedures and
employee directives already in place.

Franchise companies also offer full-time support and marketing
advice for your franchise. You'll have the help you need every step
of the way, from your grand opening to your weekly advertising
budget.

Even if you have no experience in the franchise business you've
chosen, your franchise company will provide you with free,
comprehensive training. Within a few short weeks, you'll be ready
to tackle any situation that arises in your business. This type of
intensive training would otherwise take years to learn if you were
running a business on your own.

Franchise ownership is still business ownership. You'll have to
be dedicated and you'll have to work hard and hone your management
skills. If you've got what it takes, you need to join the tens of
thousands of entrepreneurs a year who are finding financial success
as franchisees.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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